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Long before Apple ever revealed its latest iPhones and iPads to the public, we knew almost exactly what they would look like and what kind of features they would have thanks to rumors emanating from Apple's Asian supply chain.

The detail that makes us most skeptical in all the reports on this Intel-Apple watch is that, supposedly, Intel came up with the concept and Apple is now "interested" in building it out. Typically, Apple designs its products and finds suppliers who can fill its orders.

Another question: Apple's current iOS devices (the iPad, the iPhone, etc) use microchip designs from ARM, not Intel. Why would Apple switch?

Big picture, it makes sense that Apple is working on something like this. As Munster points out, Apple has, in recent years, only become the world's most valuable company because it is willing to cannibalize its own product lines. The iPhone ate into the iPod business, and now iPads are replacing Mac desktops and laptops.

Eventually, Apple will find a way to replace the smartphone (or someone else will first). Maybe that's this watch.